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THE REPUBLIC of Chile confirmed the improved outlook for Latin credits this week when its debut $500m 10 year global bond issue enjoyed a blow-out reception. Chile's deal was so in demand -- it attracted $4bn in orders -- that lead managers Chase and Merrill Lynch were able to tighten the unofficial price talk from the low 200bp region over Treasuries to 175bp to 180bp over Treasuries.

PARIBAS is arranging the second Euro-MTN programme of 1999 for a Japanese issuer, and the largest for a utility anywhere in the world. Chubu Electric Power Company is establishing a $5bn programme to facilitate its Euromarket issuance and to allow it to tap the private placement market opportunistically.

CSFB SCORED a notable coup in the competitive world of bought deals this week, fighting off stiff competition from rival firms Goldman Sachs and Warburg Dillon Read to win a mandate to sell some Sfr500m of stock in Adecco, one of the world's largest temporary employment agencies. The group was formed through the merger of two similar groups, Adia and Ecco, and has been controlled by its principal shareholders ever since. These include Claus Jacob, who last year sold a stake in the Swiss confectioner Barry Callebaut. Jacob did not sell shares in this week's trade, although he may do so at a later date.

* European Bank for Reconstruction & Development Rating: Aaa/AAA

* Tractabel Invest International BV Guarantor: Tractabel SA

INVESTORS were offered a novel play in the South African bond markets last Friday (April 16) with the launch of the first sub-sovereign floating rate note. Development Bank of Southern Africa Ltd (DBSA) was the pioneering issuer, launching a R500m five year transaction via joint lead managers Merrill Lynch (books) and Rand Merchant Bank.

MANDATED ARRANGER Deutsche Bank has launched the long awaited deal for Swedish media company Modern Times Group. The deal has emerged as a Skr800m (nearly Eu90m) five year revolver, split into two tranches. Tranche 'A' is a Skr200m bullet revolver, and tranche 'B' is a Skr600m amortising revolver.

Slovenia Nova Ljubljanska Bank has awarded a mandate to Banca Commerciale Italiana, Erste Bank der Österreichischen Sparkassen and WestLB, to arrange a Eu35m three year transaction.

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THE EUROPEAN Investment Bank took a major step towards positioning itself among the leading European sovereign borrowers this week with the launch of the first new issue under its newly formed EARNs programme. Lead managed by ABN Amro and Paribas, also arrangers of the programme, the Eu2bn 10 year transaction will be fungible with an outstanding Eu2bn April 2009 bond to become one of the largest and most liquid in the euro markets.

Argentina * Republic of Argentina